Borrower located in Pennsylvania wanted to build a vacation duplex for resale near the ski slopes in Steamboat Springs Colorado. Although he had considerable success as a builder in Pennsylvania, the local banks were a little nervous given his newness to the area. (Of course, one of us just had to bare the burden of taking two days to inspect the site at the peak of spring ski season.) Seattle Funding Group funded a $605,000 line of credit, whereby the borrower only paid interest on funds advanced, savings thousands in interest costs. Other private money lenders could only offer interest payments calculated on the entire face amount of the note….Figure that? The borrower has since sucessfully completed and sold this property for top dollar. SFG is now working on development #2 for this great builder.
